NYSE$CCI
Crown Castle International · Q2 2023 earnings
Q2 2023 earnings · · Investor relations
Briefing
Reported results in line with expectations, but anticipates lower tower activity for the remainder of the year, resulting in lower contribution from services and a decrease to full year 2023 outlook.
Crown Castle reported second quarter results in line with expectations but updated its full year 2023 outlook to reflect lower tower activity. The company's core business remains robust, with growth in towers, small cells, and fiber solutions. Crown Castle anticipates double-digit annual revenue growth in its small cell business over the next several years.
- Site rental revenues grew 10% from Q2 2022 to Q2 2023, inclusive of approximately $155 million in Organic Contribution to Site Rental Billings.
- Net income for the second quarter 2023 was $455 million compared to $421 million for the second quarter 2022.
- Second quarter 2023 Adjusted EBITDA was $1.2 billion compared to $1.1 billion for the second quarter 2022, representing 10% growth.
- Second quarter 2023 AFFO was $891 million, or $2.05 per share, representing growth from the second quarter 2022 of 14% for each.
Headline financials
Revenue & EPS history
Crown Castle · Revenue · Quarterly
$1.87B
Revenue by segment
Crown Castle · $1.22B total across 2 segments · Q2 2023
- Site Rental$1.08B+0.2%88.6%
- Services & Other$139M-16.8%11.4%
Forward guidance
Crown Castle updated its full year 2023 Outlook to reflect lower expected tower activity through the remainder of the year and higher expected interest expense, partially offset by expected lower expenses, interest income increases and lower sustaining capital expenditures.
Tailwinds
- Site rental revenues outlook is unchanged despite anticipated slower tower activity.
- Resiliency in organic growth due to long-term customer agreements with contracted increases.
- Contracted rental revenues provide stability.
- Efficient operations contribute to a resilient cash flow stream.
- Strong balance sheet supports financial stability.
Headwinds
- Lower expected contribution from tower services margin by $90 million.
- Increased interest expense.
- AFFO per share outlook decreased by $0.09.
- Net income (loss) outlook decreased by $55 million.
- Adjusted EBITDA outlook decreased by $50 million.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q2 2023
-0.3%
Avg return
Earnings day
-0.7%
Avg return
5 days after
-0.1%
Avg return
30 days after
54%
38 / 70 earnings
Positive
+8.5%
Q4 2024
Best reaction
-9.0%
Q4 2025
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -1.0% | +0.2% | +6.3% | |
| Q4 2025 | -9.0% | -1.8% | +5.0% | |
| Q3 2025 | +0.6% | -3.2% | -7.9% | |
| Q2 2025 | +0.6% | +1.8% | -5.6% | |
| Q1 2025 | +0.5% | +0.6% | -5.1% | |
| Q4 2024 | +8.5% | +9.7% | +1.7% | |
| Q3 2024 | -2.2% | -3.6% | -9.2% | |
| Q2 2024 | +1.1% | +0.0% | +5.7% | |
| Q1 2024 | +0.4% | +1.2% | +9.5% | |
| Q4 2023 | +2.6% | +0.9% | +0.7% | |
| Q3 2023 | -8.0% | -7.3% | +11.3% | |
| Q2 2023 | -2.8% | +0.8% | -9.3% | |
| Q1 2023 | -4.1% | -6.0% | -14.6% | |
| Q4 2022 | +1.9% | -0.4% | -9.7% | |
| Q3 2022 | -4.9% | -8.2% | +1.8% | |
| Q2 2022 | -0.3% | -1.2% | +3.8% | |
| Q1 2022 | +1.3% | -0.5% | -6.0% | |
| Q4 2021 | -5.8% | +0.2% | -8.0% | |
| Q3 2021 | +2.9% | +2.8% | +6.3% | |
| Q2 2021 | -5.5% | -5.4% | -2.6% | |
| Q1 2021 | +0.7% | +1.7% | +1.4% | |
| Q4 2020 | -3.3% | +0.5% | -4.7% | |
| Q3 2020 | -5.0% | -2.8% | +1.5% | |
| Q2 2020 | -0.9% | -4.5% | -4.7% | |
| Q1 2020 | -1.1% | -2.2% | +6.8% | |
| Q4 2019 | -9.0% | -4.2% | -16.0% | |
| Q3 2019 | +3.7% | +6.5% | +0.0% | |
| Q2 2019 | -4.4% | -4.7% | +7.7% | |
| Q1 2019 | -1.6% | -1.6% | +2.1% | |
| Q4 2018 | +2.5% | +4.8% | +9.8% | |
| Q3 2018 | -0.3% | -1.0% | +4.9% | |
| Q2 2018 | +0.1% | -1.9% | +2.7% | |
| Q1 2018 | -3.3% | -1.1% | -3.7% | |
| Q4 2017 | -1.6% | -0.5% | +0.1% | |
| Q3 2017 | +1.8% | +2.5% | +8.5% | |
| Q2 2017 | +0.7% | +2.6% | +7.7% | |
| Q1 2017 | -1.3% | -1.0% | +5.9% | |
| Q4 2016 | +0.4% | -1.0% | +5.6% | |
| Q3 2016 | +3.5% | +2.4% | -7.3% | |
| Q2 2016 | +0.4% | -1.8% | -5.2% | |
| Q1 2016 | +0.2% | — | — | |
| Q4 2015 | +1.4% | — | — | |
| Q3 2015 | +4.4% | — | — | |
| Q2 2015 | +3.1% | — | — | |
| Q1 2015 | +1.0% | — | — | |
| Q4 2014 | +4.0% | — | — | |
| Q3 2014 | -5.3% | — | — | |
| Q2 2014 | -2.3% | — | — | |
| Q1 2014 | -1.6% | — | — | |
| Q4 2013 | -1.6% | — | — | |
| Q3 2013 | -1.4% | — | — | |
| Q2 2013 | -4.1% | — | — | |
| Q1 2013 | +4.6% | — | — | |
| Q4 2012 | -0.6% | — | — | |
| Q3 2012 | +1.3% | — | — | |
| Q2 2012 | +4.8% | — | — | |
| Q1 2012 | +2.3% | — | — | |
| Q4 2011 | +0.2% | — | — | |
| Q3 2011 | +2.7% | — | — | |
| Q2 2011 | -5.1% | — | — | |
| Q1 2011 | +2.2% | — | — | |
| Q4 2010 | -3.1% | — | — | |
| Q3 2010 | -1.8% | — | — | |
| Q2 2010 | +0.2% | — | — | |
| Q1 2009 | +2.8% | — | — | |
| Q1 2010 | +0.2% | — | — | |
| Q4 2009 | +2.9% | — | — | |
| Q2 2009 | +2.9% | — | — | |
| Q3 2009 | +6.4% | — | — | |
| Q2 2008 | -3.9% | — | — |
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